Schneider Electric, a France-based energy management firm, is to pay £550m ($858m) to Cambridge spinout Aveva for a 53.5% stake in the firm.
Aveva, which designs shipping, industrial plants, and nuclear power stations, saw its shares jump to £23.44 per share, a four-year high for the firm. The deal will double the size of Aveva, spun out from Cambridge in 1967, and will give it annual revenues of around £534m.
The Cambridge-based FTSE 250 company’s deal with Schneider will see it return around £10 per share to its shareholders.
